Tuesday, October 17, 2023
North America

Choice Hotels Makes Hostile Bid for Wyndham

  • Choice Hotels made an offer to acquire Wyndham Hotels and Resorts, which was rejected. The situation may lead to a proxy fight.
  • Marriott and MGM’s partnership launch delayed to early 2024 due to a cyber attack on MGM and the complexity of the integration, which includes the creation of the MGM Collection with Marriott Bonvoy.
  • Hyatt introduces the Wellbeing Collective, offering tailored wellbeing experiences at 30+ hotels globally, with plans to expand in 2024.

The DJIA was up 13 points, but the Nasdaq was down 34, the S&P 500 was down half a point, and the 10-year treasury yield jumped .14 to 4.85%. Lodging stocks were mixed. The big winner, obviously was Wyndham, up 9%, while Choice Hotels was down -7%. Ashford Hospitality was the other mover of note, up 8% on the day. Choice Hotels went public with an offer […]